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The European Commission will present by the end of March its plan for overhauling tax rules for internet giants Diego Polenta Mundial Camiseta , aimed at making them pay up in the countries where they earn their profits, a top official said Sunday.

EU Economic Affairs Commissioner Pierre Moscovici told France's Radio J that his proposals would ""create a consensus and an electroshock"" on taxing digital economy revenues.

Under EU law, American technology titans like Google and Facebook can choose to report their income in any member state, prompting them to pick low-tax nations like Ireland, the Netherlands or Luxembourg.

That deprives other nations in the bloc of any of the tax revenue, even though they may account for a bigger share of the earnings.

The Organisation for Economic Cooperation and Development says such rules cost governments around the world as much as $240 billion (193 billion euros) a year in lost revenue, according to a 2015 estimate.

""The idea is to be able to identify the activities of digital companies, so we need a range of indicators -- the number of clicks, the number of IP addresses, advertising, and eventually revenues... and then we'll find ways to tax them,"" Moscovici said.

He said the new rules would apply to giants like Google, Apple, Facebook and Amazon -- together known as GAFA -- as well as services like AirBnB and Booking.

""When you rent a room on Booking, it generates considerable revenue for a company which we don't really know where it's located, and which pays very little in taxes,"" he said.

On average internet giants pay a tax rate of 9 percent in Europe, compared with an average corporate rate of 23 percent, Moscovici said.

Agencies

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SHANGHAI, May 12 (Xinhua) -- China's promising long jumper Gao Xinglong is ready to shake off regrets from the Rio Olympic Games and start afresh at the 2017 Shanghai Diamond League.

Shanghai has been a lucky place for Gao and the two-time Diamond League meeting winner wants a win to shake off his frustration from last yea's Rio Olympic Games.

"I got quite a big blow when I fouled out at the Rio Olympic Games, where I had aimed to take a medal," said Gao who recorded the personal best of 8.34 in 2015.

Jeff Henderson of the United States became the eventual champion on 8.38 meters ahead of South African Luvo Manyonga and Britain's Greg Rutherford.

"I had trained really hard that year and been in awesome form. I had never expected to finish my first Olympic trip with three fouls. I guess I was nervous in Rio and did not perform at the level I should be," Gao said.

Gao, 23, will defend his Shanghai title on Saturday evening, against old rivals including Henderson and Manyonga. He said he was relaxed despite the strong field.

"If I perform well, I have a chance of winning becaue I like this track very much and it helps me to create good results," he said.

China welcomes Mongolia to actively participate in Belt and Road construction

Landscape lighting illuminates Beijing to greet Belt and Road Forum

Next round of Syria peace talks to kick off on May 16

Voting for most famous Chinese brand

Chinese submersible explores turbidity current in South China Sea

Straw art gala held in E China's Shandong

Xinjiang Int'l Grand Bazaar held in Urumqi, NW China

8th China Peking Opera art festival to be held in Nanjing

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